The 41-year-old actor and his wife, Chandie Yawn Lawrence, jointly filed for Chapter 7 bankruptcy in July 2017, ET confirms.
A court document obtained by ET show that the couple's combined income is listed at $6,966, while their monthly expenses were listed at $25,505.35. Lawrence listed his occupation as a self-employed actor, while Chandie is unemployed. The filing reveals a significant decrease in Lawrence's yearly income between 2015 (where he made $534,422.83) and 2016 (where he made $58,409.94).
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At the time of the filing, Lawrence and his wife estimated their total liabilities at $355,517.27, including $131,662.66 in credit card debt, $32,705 in an unpaid loan, and $54,000 in unpaid rent. The couple also owed $88,000 in taxes and other debts to the government.
The couple had $60 in cash on hand and $8,142.25 in checking accounts at the time of filing. The value of Lawrence’s intellectual property from royalties from two albums and singles released, residuals from his television shows and movies and projects in development was unknown.
Lawrence and Chandie are parents to two daughters, 11-year-old Charli and 8-year-old Liberty. The actor recently opened up to ET about why he doesn't want his kids to follow in his footsteps. Watch below.